Schneider Electric (Euronext: SCHN) announced today the completion of the acquisition of American Power Conversion Corporation (Nasdaq: APCC) (APC) following satisfaction of the closing conditions of the merger agreement. The combination of APC and MGE UPS SYSTEMS creates a worldwide leader in the critical power and cooling services market, offering the widest set of products, solutions and services. The combined operations have well balanced geographical positions, strong innovation capabilities and unparalleled access to market channels.
Under the terms of the acquisition, each share of APC common stock is converted to the right to receive US$31.00 in cash. The total amount to be paid in cash to APC shareholders represents approximately US$ 6.1 billion in exchange for all outstanding shares of APC. Trading in APC’s common stock on the Nasdaq Global Select Market will cease at the end of trading hours on Wednesday, February 14, 2007.
“The combination of APC and MGE will generate value for our customers through a large choice of tailored solutions, a global services network and a large technical expertise. It will also enhance value creation for our shareholders by leveraging the complementary characteristics of both companies nad extracting synergies, “ noted Jean-Pascal Tricoire, President and CEO of Schneider Electric. “We are now ready to greatly strengthen Schneider Electric in the fast growing segment of Critical Power and Cooling and we are extremely confident in the combined talents of the APC and MGE people to achieve this.”
“The APC team is excited to join with Schneider Electric and MGE UPS SYSTEMS. Together, our focus on the customer and on innovation will be stronger than ever as we partner with our worldwide customers to help them solve unprecedented powering and cooling challenges,” said Rob Johnson, former President and Chief Executive Officer of APC.
“APC and MGE within Schneider Electric is a powerful combination, offering our customers the largest choice of solutions and services, bringing together the broadest service organization, the industry’s best known brands and the strongest technologies, commented Claude Graff, President of MGE UPS Systems.
Pinyaluck Thanasinmontri
Pr Plus Two Co., Ltd.
Tel. 02-158-9107-8 ext. 15, Fax. 02-158-9142
www.prplus2.com